LONDON, March 26, 2026, 14:39 GMT
Shares of London Stock Exchange Group slipped roughly 1.6% to 8,320 pence by 1415 GMT on Thursday, dragged lower along with the broader London market despite the company’s recent buyback activity. Earlier in the day, the FTSE 100 declined 1.1%. LSEG reported it repurchased 352,244 shares on March 25 for cancellation as part of its ongoing program.
The drop is significant: LSEG remains under pressure to show its buyback program can support its battered stock, especially with activists circling. Shares had already lost roughly 30% over the prior year heading into February’s earnings, with investors jittery about AI threats, sluggish subscription growth, and margins that Elliott Management argues trail the competition.
LSEG disclosed in Thursday’s filing that it spent a volume-weighted average of 8,516.81 pence per share on Wednesday, with trades falling between 8,398 and 8,608 pence. The company’s buyback plan totals £3 billion through February 2027—after already announcing £2.1 billion for 2025, plus £415 million wrapped up so far this year when it posted its annual results.
Those figures steadied the mood, at least temporarily. LSEG reported 2025 organic income, excluding recoveries, up 7.1% to £8.986 billion. Adjusted EBITDA climbed 11.8%. Looking to 2026, the company expects organic income to rise between 6.5% and 7.5%, and sees equity free cash flow—money available to shareholders after investments—at no less than £2.7 billion.
ASV—annual subscription value—continues to be a softer spot. The figure climbed 5.9% in 2025, LSEG reported; that’s just ahead of forecasts, but a touch lower than the 6.3% increase notched last year. JPMorgan analysts note that management’s more optimistic take on the business could help ease some of the AI disruption concerns weighing on the stock.
Some investors welcomed the capital return, but didn’t mince words about what it cost. Frederick Kerr-Smiley, analyst at Ninety One, told Reuters, “We were definitely keen for them to do a chunky buyback.” Stephen Yiu, chief investment officer at Blue Whale, cut straight to the point: “We want growth.” Reuters
David Schwimmer, the chief executive, has taken a firm stance against worries about AI. Back in February, he told reporters it was “verging on impossible” for AI to match LSEG’s proprietary datasets. In the latest results, Schwimmer said LSEG was “very well positioned for continued growth”. Even so, investors keep measuring the company up against S&P Global, MSCI and Deutsche Boerse as Elliott continues to urge management to boost margins. Reuters
Macro forces could easily drown out LSEG’s fundamentals here. According to Reuters, London’s key indexes were heading lower as Middle East tensions drove oil prices higher—stoking inflation and ramping up bets for two or maybe even three more Bank of England rate increases this year. That sort of backdrop won’t make it easy for LSEG to bounce back. If growth keeps dragging, Elliott’s calls for a harder line might only get sharper.
